Telecom company is drowning in debt
The situation of the government-owned telecom company Mahanagar Telephone Nigam Limited, i.e. MTNL, is deteriorating continuously. Recently, a bank has frozen all its accounts. MTNL is currently burdened by debt.
Union Bank of India has frozen all accounts of MTNL. The bank has done this due to non-payment of dues by the company.
The company provided information to the stock market
Mahanagar Telephone Nigam Limited (MTNL) has also informed the stock market about the freezing of its accounts. The company says that Union Bank of India has frozen all its accounts for non-payment of loan. The bank informed about the freezing of the company’s accounts on August 21.
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The telecom company says that Union Bank of India has also put its loan account in the NPA category. With this, all the company’s accounts with Union Bank of India have been automatically frozen. Earlier in August, MTNL had informed the stock exchange that it had defaulted on a bank loan of Rs 422.05 crore.
This amount of debt is outstanding at MTNL
MTNL had reported that its loan amount was Rs 155.76 crore from Union Bank of India, Rs 140.37 crore from State Bank of India, Rs 40.33 crore from Bank of India, Rs 40.01 crore from Punjab and Sind Bank, Rs 41.54 crore from Punjab National Bank and Rs 4.04 crore to UCO Bank has not been paid.
The telecom company had taken a total loan of Rs 5,573.52 crore from these banks. The loss-making telecom company has borrowed a total of Rs 7,873.52 crore from banks and financial institutions and the total debt of the company is Rs 31,944.51 crore.
